Vancouver, British Columbia — March 22, 2023 — CopAur Minerals Inc. (the “Company”) (TSX-V:-CPAU)
(OTCQX-COPAF) is pleased to announce a non-brokered private placement and planned drill program at the Company’s flagship Kinsley Mountain Gold Project (the “Kinsley Mountain Project” or “Kinsley Mountain”) in Elko County, Nevada.
The Company announces a non-brokered private placement offering of up to 4,000,000 units (“Units”) at a price of $0.50 per Unit to raise gross proceeds of $2,000,000. Each Unit is comprised of one common share and one-half of one transferable share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to acquire an additional common share of the Company at an exercise price of $0.75 per share for a period of two years from the closing date of the private placement.
In conjunction with this financing, the Company may pay a finder’s fee to eligible persons in compliance with applicable securities laws and exchange policies. This financing is subject to TSX Venture Exchange approval. Proceeds will be used for general working capital and a planned initial drill program for the Kinsley Gold property, Elko Nevada.
“We are excited to be moving forward with plans to drill Kinsley with the help of our expanded technical teams input, as we continue to unlock the full potential of this advanced project in Nevada. I am confident in our team’s abilities and in the targets that we have set for a significant resource expansion,” states Jeremy Yaseniuk, CopAur’s CEO.
The Kinsley Mountain Project was a historical past producer that yielded 138,000 ounces of near surface open pit oxide gold between 1995-1999. Kinsley contains current mineral resources comprising the high-grade Western Flank Zone and near surface oxide of 418,000 indicated ounces gold at 2.63 grams-per-tonne (g/t) gold, and 117,000 inferred ounces gold at 1.51 g/t gold[1] (Figure 1).
Kinsley has significant resource expansion potential through continued near mine exploration and potential greenfield discoveries. Near resource areas drilled during the highly successful 49 hole, 18,000 metre 2020 drill campaign demonstrate significant resource expansion potential remains at Western Flank, Main Pit Oxide, and Secret Spot targets with highlights including2:
Western Flank resource expansion drilling
- 22 g/t gold over 6.1 metres within a broader zone grading 2.63 g/t gold (sulphide) over 38.10 metres in KMR20-017
- 1 g/t gold (sulphide) over 7.6 metres, including 24.1 g/t gold (sulphide) over 4.6 metres lower zone, 9.08 g/t gold (sulphide) over 6.1 metres upper zone in KMR20-026
Main Pit North Oxide Target yields high-grade intercepts 75 m outside the current pit shell
- 83 g/t gold over 7.6 metres high-grade shallow oxide
New surface oxide Discovery at the Secret Spot, including
- 77 g/t gold over 25.3 metres in new surface oxide discovery in KMD20-007B
[1]Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A., dated June 21, 2021, with an effective date of May 5, 2021, and prepared by Michael M. Gustin and Gary L. Simmons, and filed under New Placer Dome Gold Corp.’s issuer profile on SEDAR (www.sedar.com).
Figure 1. Kinsley Mountain Gold Project Cross Section Through Mine Trend (Looking northeast)
The Western Flank Zone has yielded numerous outstanding high-grade gold drill intercepts including: PK137C that returned 21.3 g/t gold over 29 metres[1]. See Table 1 below for selected Secret Canyon Shale drill intercepts.
[2] True widths of the mineralized intervals are interpreted to be between 60-90% of the reported lengths.
Initial metallurgical testing of Secret Canyon Shale sulphide mineralization yielded 89-95% recoveries via combined flotation and tails cyanidation1.
During 2022, IP/resistivity geophysical surveys defined 8 new high-priority targets within a 20 km2 underexplored area north of the high-grade Western Flank gold deposit (the “Kinsley North Range”). The anomalies occur in association with prospective Pogonip Group and upper Notch Peak Formation carbonate rocks that are known to host significant gold mineralization at the Long Canyon Mine located 90 km north of Kinsley[5].
[3] True widths of the mineralized intervals are interpreted to be between 60-90% of the reported lengths [4] PK137C was lost in the mineralized zone due to poor ground conditions higher in the hole. PK137CA was wedged off the same hole above the mineralized zone and was completed through the mineralized zone adjacent to PK137C. [5]Not necessarily indicative of mineralization on CopAur properties.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC), Principal and Consultant, and Christopher W. Livingstone, P.Geo. (BC), Senior Geologist, both of APEX Geoscience Ltd. of Edmonton, AB, and “Qualified Persons” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle and Mr. Livingstone have verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained herein.
On Behalf Of The Board Of Directors,
Jeremy Yaseniuk
Chief Executive Officer
For further information, please contact:
Jeremy Yaseniuk
CopAur Minerals Inc.
Telephone: 604-773-1467
Email: jeremyy@copaur.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements relate to future events or Company’s future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revised any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.